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DocuSign CEO: Shift to digital accelerated by COVID-19 pandemic

Brian Sozzi
·Executive Editor
·2-min read

The future of work won’t just be a daily regimen of Zoom calls and Slack messages from a new home office, it will very likely include a host of e-signatures on important papers.

Bye-bye paper, hello more DocuSign (DOCU) links.

“Yeah, we absolutely do,” DocuSign’s long-time CEO Dan Springer said on Yahoo Finance’s The First Trade on whether COVID-19 has permanently shifted how work is done. “I think we feel what happened is a lot of people accelerated the digital transformations they already had planned on the road map, particularly for enterprise customers.”

DocuSign’s first quarter underscores Springer’s point.

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The company’s sales rose an impressive 39% from the prior year. Billings surged 59% from a year ago. Average contract value for customers that spend more than $300,000 annually with the company gained 46%. Average retention rate was an unworldly 119%, the highest ever for a single quarter for DocuSign.

BRAZIL - 2019/07/11: In this photo illustration a DocuSign logo seen displayed on a smartphone. (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images)
BRAZIL - 2019/07/11: In this photo illustration a DocuSign logo seen displayed on a smartphone. (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images)

DocuSign’s stock has been one of the hotter work-from-home plays this year, posting gains of 101%. The company’s stock has gone from being priced at $29 before its April 2018 IPO to more than $155 today as businesses ditch paper and transition to e-signatures. The company’s market cap of $27 billion is more than Slack (WORK) and DropBox (DBX) combined ($25 billion or so).

Many on the Street are with Springer in believing the pandemic will only spur a wave of further business for DocuSign.

“DocuSign is one of my favorite names,” Wedbush analyst Dan Ives tells Yahoo Finance. Ives rates DocuSign an Outperform with a $165 price target. Of the 15 sell-side analysts that cover the company, 60% rate DocuSign a Buy.

Brian Sozzi is an editor-at-large and co-anchor of The First Trade at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

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